UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [ X ] Form 10-K [ ] Form 20-F [ ] Form 11- K
[ ] Form 10-Q [ ] Form N-SAR
For Period Ended: December 31, 1999
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:_______
Nothing in this form shall be construed to imply that the
Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification relates: N/A
PART I--REGISTRANT INFORMATION
NORD PACIFIC LIMITED
Full Name of Registrant:
N/A
Former Name if Applicable:
40 Wellington Row, Suite 2100, Scotia Plaza
Address of Principal Executive
Office (Street and Number):
Saint John, New Brunswick, E2L 4S3, Canada
City, State and Zip Code:
PART II--RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable
effort or expense and the registrant seeks relief pursuant to
Rule 12b-25b, the following should be completed. (Check box if
appropriate)
[ ] (a) The reasons described in reasonable
detail in Part III of this Form could not be
eliminated without unreasonable effort or
expenses;
[ X ] (b) The subject annual report, semi-annual
report, transition report on Form 10-K, Form 20-K,
11-K, Form N-SAR, or portion thereof, will be
filed on or before the fifteenth calendar day
following the prescribed due date; or the subject
quarterly report or transition report on Form 10-
Q, or portion thereof will be filed on or before
the fifth calendar day following the prescribed
due date; and
[ ] (c) The accountant's statement or other
exhibit required by Rule 12b-25(c) has been
attached if applicable.
PART III--NARRATIVE
State below in reasonable detail the reasons why the Form 10-K,
20-F, 11-K, 10-Q, N-SAR, or the transition report or portion
thereof, could not be filed within the prescribed time period.
Nord Pacific Limited has experienced almost a
complete change of key personnel in the Finance
Department. The Acting Chief Financial Officer
joined the Company on January 11, 2000 and the
Controller was appointed on February 1, 2000.
These two individuals are devoting significant
amounts of time to assuming all the
responsibilities of their positions, and
completing the Form 10-K in a timely manner would
have required an unreasonable effort.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
John P.Griffith 505 241-5820
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or
15(d) of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports) been filed? If answer is no, identify report(s).
[ X ] Yes [ ] No
_______________________________________________________________________
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal
year will be reflected by the earnings statements to be
included in the subject report or portion thereof? [ X ]
Yes [ ] No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state
the reasons why a reasonable estimate of the results cannot
be made.
The Registrant is releasing its earnings statements for the
periods ended December 31, 1999 contemporaneously with the
filing of this Form 12b-25. [ ] Yes [ X ] No
NORD PACIFIC LIMITED
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: March 31, 2000 By:
/s/ John P. Griffith
Name John P. Griffith
Title: Acting Chief Financial Officer
Attachment as required for Part IV, (3) - Explanation of
Anticipated Change
Nord Pacific Limited anticipates two significant changes for the
year ended December 31, 1999 compared to the year ended December
31, 1998.
First, at the Girilambone Copper Mine in Australia, Nord Pacific
incurred an operating loss of approximately $2 million during
1999, compared to a $3.5 million contribution to operating
earnings in 1998. The operating loss is attributable to lower
copper sales, lower realized copper prices and higher cost of
sales. In particular, the non-cash portions of the cost of sales
increased by over $2 million for 1999 compared to 1998.
Second, the Company reduced the carrying value of its interest in
the Ramu Nickel-Cobalt mine by $4.7 million in 1999. Ramu was
sold in March 2000. In 1998 the Company reduced the carrying
value of other projects by only $96,000.
Combined, the two changes described above will result in a net
loss of approximately $8.5 million for 1999, compared to net
earnings of $25,000 for 1998.
